The closing of the merger was delayed earlier this week after not enough shareholders.
Lucid motors spac merger full#
Compare Standard and Premium Digital here.Īny changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. Churchill Capital Corporation IV is set to close on its merger of EV start-up Lucid Motors on Friday. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many user’s needs. If you’d like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month.įor cost savings, you can change your plan at any time online in the “Settings & Account” section. Lucid Motors, the luxury electric vehicle maker, which is set to go public through a SPAC merger with Michael Kleins Churchill Capital Corp IV (NYSE: CCIV). For a full comparison of Standard and Premium Digital, click here.Ĭhange the plan you will roll onto at any time during your trial by visiting the “Settings & Account” section. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. Standard Digital includes access to a wealth of global news, analysis and expert opinion. More affordable variants will be launched in due course, as rivals to Tesla’s Model S, BMW’s i4 Gran Coupe, and the Mercedes-Benz EQE.During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. This SPAC merger is one of the most highly-anticipated of the year, and brings with it a tremendous amount of investor enthusiasm among those seeking a true rival for current incumbent Tesla. The Air is a luxurious, Mercedes-Benz S-Class rival, initially launching in the highest specification, with 500 miles (805 km) of range and over 1,000 hp (745 kW). The hottest story in the stock market world in recent weeks has been whether or not SPAC CCIV (Churchill Capital Corp IV) will merge with EV company Lucid. CEO Peter Rawlinson has already delayed deliveries from (northern hemisphere) Spring this year, citing the COVID-19 pandemic as an impediment to that target date. Lucid’s first EV, the Air, is currently undergoing final testing and development, and the company plans to officially commence customer deliveries “in the second half of 2021”. Generally, a SPAC’s only asset is the money raised in its own IPO.
Essentially a shell company, a SPAC is set up for the sole purpose of raising capital to acquire another company. This Special Purpose Acquisition Company (SPAC) trend on Wall Street has been taking off in the automotive sector, with companies like Fisker and Nikola also receiving an injection of funds through the SPAC investment process. "We are making significant investments in the long-term growth and innovation of our company, and we will continue to bring to bear world-class technology to positively impact mankind's transition to sustainable mobility."Īuto manufacturing is an expensive business, and even more so for a startup like Lucid that doesn’t have a bank account the size of Volkswagen’s or General Motors’ to throw at electromobility. "Lucid has further increased its momentum as we gear up to make the first customer deliveries of our Lucid Air lineup of electric sedans later this year," Lucid CEO Peter Rawlinson said in a statement. Lucid will receive approximately $4.4 billion (after transaction expenses) in cash from the SPAC merger.
This high exchange ratio is not actually relevant to the SPAC's public investors, who incorrectly feared that excessive dilution could adversely impact the value of the investment. NASDAQ reports that some investors saw the move as highly dilutive based on misinterpretations of Lucid’s regulatory filings, which details a 2.61 exchange ratio of Churchill Capital IV shares to Lucid stock. After a rocky start to its shareholder vote last Thursday, where the company failed to receive enough votes from retail investors to approve its merger with Churchill Capital IV, NASDAQ reports that the deal successfully went through on Friday, after Churchill Capital IV and Lucid extended the deadline for shareholders to vote, and executives pleaded with investors to vote in favor of all proposals in order to cross the finish line. Investors in up-and-coming EV plays have likely already considered Churchill Capital (CCIV), the company that’s set to take Lucid Motors public this year.
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